Detailed Single Year Tables

Description of Proposed Provision:
Eliminate the taxable maximum in years 2018 and later. Phase in elimination by taxing all earnings above the current law taxable maximum at 2.48% in 2014, 4.96% in 2015, up to 12.4% in 2018 and later. Credit the additional earnings for benefit purposes by: (a) calculating a second average indexed monthly earnings (AIME+) reflecting only earnings taxed above the current law taxable maximum, (b) applying a 5 percent factor on this newly computed AIME+ to develop a second component of the PIA, and (c) adding this second component to the current-law PIA.

&nbsp

Financial Estimates for the OASDI Trust Fund Program

&nbsp

&nbsp

Proposal

&nbsp

Change from Present Law

&nbsp

Expressed as a percentage of present-law taxable payroll

Trust fund ratio as of January 1

Expressed as a percentage ofpresent-law taxable payroll

Calendaryear

Costrate

Incomerate

Annualbalance

Costrate

Incomerate

Annualbalance

2012

13.83

12.89

-0.93

340

0.00

0.00

0.00

2013

13.95

12.83

-1.12

329

0.00

0.00

0.00

2014

13.98

13.40

-0.58

315

0.00

0.47

0.47

2015

13.97

13.92

-0.05

305

0.00

0.97

0.97

2016

13.94

14.44

0.50

299

0.00

1.46

1.46

2017

13.92

14.94

1.02

297

0.00

1.93

1.93

2018

13.96

15.41

1.45

298

0.00

2.38

2.38

2019

14.14

15.43

1.29

302

0.00

2.37

2.37

2020

14.38

15.41

1.03

304

0.01

2.34

2.34

2021

14.66

15.43

0.76

305

0.01

2.32

2.31

2022

14.98

15.45

0.47

304

0.01

2.32

2.31

2023

15.30

15.47

0.17

302

0.01

2.32

2.31

2024

15.61

15.49

-0.12

299

0.01

2.32

2.31

2025

15.90

15.50

-0.39

296

0.02

2.32

2.31

2026

16.17

15.52

-0.65

292

0.02

2.33

2.31

2027

16.44

15.54

-0.90

287

0.03

2.33

2.30

2028

16.67

15.56

-1.11

282

0.03

2.33

2.30

2029

16.87

15.57

-1.30

276

0.04

2.33

2.30

2030

17.05

15.58

-1.46

269

0.04

2.33

2.29

2031

17.19

15.59

-1.60

263

0.05

2.34

2.29

2032

17.30

15.60

-1.70

255

0.05

2.34

2.28

2033

17.39

15.61

-1.78

248

0.06

2.34

2.28

2034

17.44

15.62

-1.83

240

0.06

2.34

2.28

2035

17.48

15.62

-1.86

232

0.07

2.34

2.27

2036

17.50

15.62

-1.88

224

0.07

2.34

2.27

2037

17.51

15.63

-1.88

216

0.08

2.34

2.27

2038

17.50

15.63

-1.88

208

0.08

2.35

2.26

2039

17.48

15.63

-1.85

201

0.09

2.35

2.26

2040

17.45

15.63

-1.82

193

0.09

2.35

2.25

2041

17.42

15.63

-1.79

186

0.10

2.35

2.25

2042

17.38

15.63

-1.75

178

0.10

2.35

2.25

2043

17.35

15.63

-1.72

171

0.11

2.35

2.24

2044

17.33

15.63

-1.69

164

0.11

2.36

2.24

2045

17.31

15.63

-1.67

156

0.12

2.36

2.24

2046

17.28

15.63

-1.65

149

0.12

2.36

2.23

2047

17.27

15.64

-1.63

142

0.13

2.36

2.23

2048

17.25

15.64

-1.61

135

0.13

2.36

2.23

2049

17.23

15.64

-1.60

128

0.14

2.36

2.23

2050

17.22

15.64

-1.58

120

0.14

2.37

2.22

2051

17.22

15.64

-1.58

113

0.15

2.37

2.22

2052

17.22

15.64

-1.58

106

0.15

2.37

2.22

2053

17.23

15.65

-1.58

98

0.16

2.37

2.22

2054

17.24

15.65

-1.59

91

0.16

2.37

2.21

2055

17.26

15.65

-1.60

83

0.16

2.38

2.21

2056

17.27

15.66

-1.62

75

0.17

2.38

2.21

2057

17.29

15.66

-1.63

67

0.17

2.38

2.21

2058

17.31

15.66

-1.65

58

0.17

2.38

2.21

2059

17.33

15.67

-1.66

50

0.18

2.38

2.20

2060

17.34

15.67

-1.67

41

0.18

2.38

2.20

2061

17.34

15.67

-1.67

32

0.18

2.39

2.20

2062

17.35

15.67

-1.68

23

0.19

2.39

2.20

2063

17.36

15.68

-1.69

14

0.19

2.39

2.20

2064

17.38

15.68

-1.70

5

0.19

2.39

2.20

2065

17.39

15.68

-1.71

----

0.19

2.39

2.20

2066

17.41

15.68

-1.73

----

0.19

2.39

2.20

2067

17.44

15.69

-1.75

----

0.20

2.40

2.20

2068

17.46

15.69

-1.77

----

0.20

2.40

2.20

2069

17.49

15.69

-1.80

----

0.20

2.40

2.20

2070

17.53

15.70

-1.83

----

0.20

2.40

2.20

2071

17.55

15.70

-1.85

----

0.20

2.40

2.20

2072

17.58

15.70

-1.88

----

0.20

2.40

2.20

2073

17.61

15.71

-1.90

----

0.20

2.41

2.20

2074

17.64

15.71

-1.93

----

0.21

2.41

2.20

2075

17.67

15.71

-1.95

----

0.21

2.41

2.20

2076

17.69

15.72

-1.98

----

0.21

2.41

2.20

2077

17.72

15.72

-2.00

----

0.21

2.41

2.20

2078

17.75

15.72

-2.02

----

0.21

2.41

2.20

2079

17.78

15.73

-2.05

----

0.21

2.41

2.20

2080

17.82

15.73

-2.08

----

0.21

2.42

2.21

2081

17.85

15.74

-2.12

----

0.21

2.42

2.21

2082

17.89

15.74

-2.15

----

0.21

2.42

2.21

2083

17.93

15.74

-2.19

----

0.21

2.42

2.21

2084

17.97

15.75

-2.22

----

0.21

2.42

2.21

2085

18.01

15.75

-2.26

----

0.22

2.42

2.21

2086

18.05

15.75

-2.30

----

0.22

2.43

2.21

2087

18.09

15.76

-2.33

----

0.22

2.43

2.21

&nbsp

Summarized Estimates

&nbsp

&nbsp

Proposal

&nbsp

Change from Present Law

Years

Costrate

Incomerate

Actuarialbalance

Year of reserve depletion1

Costrate

Incomerate

Actuarialbalance

Based on Intermediate Assumptions of the 2012 Trustees Report.

2012-2086

16.79%

16.23%

-0.56%

2064

0.10%

2.21%

2.11%

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1 Under present law, the year of Trust
Fund reserve depletion is 2033.